I recently had an eye-opening conversation with my hubby about entrepreneurs and small businesses that struggle vs those who actually survive, thrive and consistently make money online. He pointed out to me that eBay was created in 1995 and since then it has become a multi-billion dollar company. Ebay, Facebook, Amazon how did their founders come up with these innovative ideas? And why is it that so many of the entrepreneurs you meet online can’t figure out how to do the same?
In response to his question, I started talking about Pandora, a popular streaming music service available both online and via mobile apps. I told him to take a hard look at a company like Pandora. It’s free to create an account and listen to your favorite music, but dig a little deeper and you will see that it’s a successful and lucrative business because it includes at least three profit streams that work really well. Pandora taps into ad revenue, which comes from the advertisements featured between songs. They have passive income that comes in from premium membership subscriptions for those subscribers who prefer to listen without ads. And I am almost certain they generate affiliate revenue when listeners use the option to ‘buy a song from itunes’. Three revenue models that work really well AND that I have personally been using for years to sustain a thriving work at home, web based business.
The key to making money online is to take note of those revenue models that actually work and figure out how to integrate them into your business.
If your business is built on you paying someone else to provide you with a ‘turn key business supposedly guaranteed to make sales,’ eventually you will realize the only person making money is the person that sold you a get rich quick and/or easy dream. If you suck at sales you won’t make any real money online because truth #1 is that most of the hyped up ‘make money online’ programs out there don’t work. Truth #2 is that when you are spending MORE on your business than you are actually bringing in you simply are not making money.
I say all of this to talk to you about the make money online methods I’ve learned and share in the video above. As a stay at home mom for the past eight years, I’ve learned how to turn my Type A, creative personality into a thriving business comprised of four very important parts. My not-so-secret method to consistently making money online is ‘LPP + HPP + PIP + OPP = $$$’. So what does this all mean?
I consistently bring revenue into my business by focusing on 4 revenue models that work best for me:
Selling Low Price Point Products – LPP (as an information entrepreneur my low price point products are ebooks and ecourses) teaching others what I’ve learned about marketing my business online. These products are great because most people are looking for low-cost offers and feel more comfortable giving you (a new business) less money until they build up a relationship with you.
Selling High Price Point Products – HPP (as a service professional my higher priced offers are my web design services) helping others build their websites, blogs, and social networks online. These products are great because they allow you to make money faster with fewer clients. I only need 5 ($1000 web projects) to generate $5000 in profit vs needing 5000 ($.99 ebook sales) to generate the same amount.While it is much harder to make 5000 sales versus 5 sales; it takes more skill and effort to close a $1000 sale versus one for .99 cents. Therefore It’s nice to find a balance between LPP and HPP offers because the lower priced ones can generate daily revenue for you while you take the time to ‘woo’ potential clients and close bigger deals.
Selling Passive Income Products – PIP (as someone who builds websites and a mentor to aspiring entrepreneurs online my passive income mainly comes from the subscription based training programs and advertising networks that I maintain). Many struggling entrepreneurs spending too much time desperately searching for the next customer vs implementing revenue models that motivate return sales from existing clientele. Most of the fortune 500 companies that you know are successful because their customers pay them every month. Think about your monthly business, whether you realize it or not, all of those companies basically have you on a monthly payment system. If it works for their business, why can’t it work for yours?
Selling Other People Products – OPP (as a web marketing advisor to other women and blogger I make affiliate earnings by recommending useful products to my following. The Big A’s for me are Advertisers, Adsense and Affiliate Marketing. As I built my business following I quickly realized that a lot of people will pay you quite handsomely for just a little access to your list. Many struggling entrepreneurs spend too much of their time trying to create new material or only push their offers out of fear that if they share other people’s stuff they will lose business. The truth is that major companies are into affiliate marketing too! They might call it something different, like strategic partnerships, but it’s all the same. They share their customers and every body gets a cut of the sales.
This is my method to consistently making money online. Now that you know exactly what I do, are you curious about how it all works? I’ve got my Jumpstart Your Business live sessions, one-on-one sessions, training videos and regular blog posts, so I can certainly show you how this all works. Let me know when you are ready.
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